I speak with people all the time that decide to do it themselves. They figure they can fill out the forms themselves and save the fee, so why pay for expert opinion to represent them in negotiating a workout, ‘after all what could be the big deal, I have nothing to give them.’ How wrong could one be.

First of all the mere filling out of the forms is hardly the complete job, there is the negotiation with the banker representing the best interests of the SBA, and there is knowing what works and what does not work.

We have represented people who are out of work, without savings and with homes in default and yet the SBA representatives have demanded full payback of over one million dollars stating they believe the borrowers can repay in full. How would an inexperienced borrower respond to that? I ask. We eventually worked this problem out.

There are the written standards, very hard to find, actually impossible. There is also the unwritten standards learned only by doing enough of these workouts to learn what works what does  not work. I see borrowers offering way more then they should and still getting rejected. I see borrowers leaving cash in a joint account for their child’s college eduction only to have it swept by the bank, they did not know. I see borrowers making weekly deposits into their 401k or IRA and failing to understand that this is not acceptable and thus will result in additional available cash to support a large long term note. Oops! I see borrowers using the wrong type of appraisal, to their great loss, but how would they know?

I could go on and on listing the errors people commit when representing themselves in working out their defaulted SBA guaranteed loans. But they decided to do it themselves and thus they find out what they did wrong on their own workout and fail to achieve their goals…and then what.

Even worse, I see borrowers in default looking for expert guidance and not knowing what to do, seek council from their lawyer, who has probably never done an SBA workout and has no idea how so he or she also experiments, doing what seems right but without knowing how.

I have cleaned up more mistakes made by lawyers doing their best but not knowing how to deliver a successful conclusion, so ultimately hurting their client.

Here is the point. Do not do your own brain surgery, get a specialist and trust your life to him or her. Likewise, do not do your own workout and do not hire an inexperienced representative who does not have expertise. Never do it yourself.

Call us, we can help you. We have done hundreds of such workouts successfully and safely, with both SBA guaranteed loans in default and traditional secured loans from any bank. We know how to do it. Successful workouts can be done it takes skill, imagination, creativity, and expertise. Hire a professionals experienced in this area.

Call Norm, he will arrange a no obligation teleconference where I can propose a specific strategy to resolve your debt issues.413-584-2581